Posted on: 05 September 2019 by Chloe Greenbank
The energy management company, World Fuel Services, has signed an agreement with Universal Weather and Aviation to acquire Universal’s UVair fuel business. The purchase price, costing in the region of $170 million, will be funded through cash-on-hand and liquidity available through the company’s existing unsecured credit facility.
World Fuel Services sells fuel and provides fuelling services to its clients at more than 8,000 locations in more than 200 countries. It is focused primarily in the aviation, marine and land transportation industries.
Headquartered in Texas, UVair serves private aviation customers at more than 5,000 locations around the globe. The agreement also stipulates that Universal will work exclusively with World Fuel to provide fuel supply to their customers.
Expressing his enthusiasm for the strategic acquisition Michael J. Kasbar, chairman and CEO of World Fuel Services Corporation, said: “We look forward to welcoming UVair’s fuel customers and providing them and Universal’s international trip planning customers with access to our best-in-class global fuel supply network.”
Meanwhile, Ira M. Birns, executive vice president and CFO at World Fuel Services Corporation added: “This acquisition demonstrates our commitment to leveraging our strong balance sheet and solid liquidity profile to drive incremental growth through strategic and synergistic acquisitions in our core businesses.”